Even President Obama thinks current deficit spending is “unsustainable.” At a town hall meeting in New Mexico he warned of skyrocketing interest rates for consumers if the US continues to finance government by borrowing from other countries.

Of course, it’s patently absurd for Obama to be complaining about deficit spending. Earlier this week, his administration revised the projected deficit for this year to a record $1.84 trillion. The revision for the 2010 fiscal year estimated the deficit is now $1.26 trillion, up 7.4%.